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Tag: Sony/ATV

  • Grooveshark Settles Sony Lawsuit, Signs License Agreement

    Grooveshark this week announced that it has reached a settlement with Sony/ATV over a long-fought copyright infringement lawsuit. Sony is one of four major music labels that have sued Grooveshark in recent years.

    As part of the agreement, Grooveshark and Sony have also entered into a publishing deal for Sony/ATV’s music catalogue. The full terms of the agreement, including the monetary amount of the settlement, have not been released. Both Sony and Grooveshark now consider their disputes resolved.

    “We are excited to add Sony/ATV Music’s impressive array of songwriters to our catalogue further advancing our mission to empower creators with the best audio platform in the world,” said Sam Tarantino, CEO of Grooveshark.

    This settlement marks the second major music label that Grooveshark has appeased this year. Back in May, some Grooveshark employees signed agreements with Universal Music Group stipulating they would not infringe music copyrights in the future. Several other major music labels are still pursuing legal action against the site.

    As a website that allows users to select and play a variety of copyrighted music tracks, Grooveshark has been under the gun for some time. Even under the threat of legal action the site has expanded, adding more advertisements to its website. The company has also released a mobile app for both iOS and Android smartphones, though the app has now been banned from both Apple’s and Google’s official app stores.

    (Image courtesy Grooveshark)

  • Sony To Acquire EMI; EU Regulator Says Yes!

    European competition regulators have given the green light to Sony/ATV, Sony’s music partner, who wants to buy up EMI’s publishing assets which are valued at over two billion dollars. The acquisition would give Sony over a quarter of the world’s publishing market.

    As part of the deal, Sony agrees to sell off Virgin Records in the US and Europe and also Famous Music in the UK. In return, European Union regulators will forego the standard in-depth investigation into the acquisition. While this step with the EU is only preliminary as the acquisition will still have to be approved by the US, Australia, and Brazil, many are already in opposition due to the large share of the market Sony would control.

    Universal Music has also put up a bid to buy a portion of EMI. In November the French owned media company announced plans to acquire the recorded music portion of EMI which would include artists like the Beatles, Katy Perry, and Cold Play.

    EMI was purchased by a private equity firm called Terra Firma in 2007, but the music company was lost after the firm was foreclosed on. Citigroup currently controls the EMI assets. EMI sold to Terra Firma in 2007 for $6.8 billion.

    The Sony-EMI will mean downsizing at EMI. Sony/ATV plans to cut the workforce by as much as 60% after it takes control at the music company. We’ll be watching Sony and EMI as this deal makes its way through the various channels and keeping you updated on the progress.